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Mobile POS (point of sale) is the latest retail technology advance to make an appearance on sales floors across the country. While these new systems have significant retail advantages, there are some areas where traditional POS systems still have the advantage. Both options have pros and cons, so it’s vital to take everything into consideration before you decide which is right for your business.

Mobile POS Systems – The Pros

The top advantage of a mobile POS system is its flexibility and, of course, its mobility. Mobile systems can provide many benefits, including:

Reducing wait times in checkout lines by allowing additional checkout options when and where customers need them

Allowing purchases to be made quickly on the floor, securing a sale before the customer changes his or her mind after further browsing and thought

Handling temporary increases in checkout needs, including during high-traffic times such as sales or holidays

Allowing POS checkouts to be set up wherever it is needed most, whether across multiple departments or multiple store locations

Setting up POS checkouts at off-site locations such as farmer’s markets, expos, bazaars, sidewalk sales, and other locations

Quick assistance on the floor for customers seeking a particular product

The other major benefit to mobile POS systems is that they are considerably more affordable than large, traditional systems. They’re lightweight and take up less space, giving a streamlined look and feel to your sales and your brand perception.

Mobile POS Systems – The Cons

While there are a great number of major benefits to mobile systems, there are also a few drawbacks to consider. Things that may create issues include:

The requirement for a solid wireless connection, the loss of which can result in lost sales and customer frustration

Their small size means they are easier to steal, creating a security risk

Small mobile stations on the floor aren’t designed to handle purchases of a large number of items, which require more of a traditional checkout system

Customers may be wary of the security level of mobile systems

Traditional POS Systems – The Pros

Traditional POS systems have been in place stably for a long time, and they have advanced greatly in terms of security and design. Among the positive factors of traditional systems to keep in mind are:

They offer a higher level of security and are very difficult to steal, creating greater peace of mind for your business

Customers are familiar with these systems and feel comfortable using them to process sensitive data such as their credit card numbers

They allow processing of large numbers of items more quickly via fast scanning, and they have a more robust setup to deal with removal of security tags, folding, and bagging of items

Traditional POS Systems – The Cons

There are a few things a traditional POS system simply can’t do, and many of the negatives are a reflection issues that have led to the increased popularity of mobile systems.

Bulky traditional POS systems can’t be moved from location to location to serve customers as needed

They can create longer lines for customers and result in wait times that may lead to buyers changing their minds or becoming frustrated

They’re expensive and require a lot of space, both of which add up when you need a larger number of checkout stands

The Bottom Line

Both mobile and traditional POS systems have great features, and they each meet the needs of customers in different ways. For many retailers, a combination of these systems is becoming the best solution to providing a comprehensive POS solution.

The decision to go mobile often will depend on how many of the pros of mobile systems apply to your particular business, or whether the benefits provided by a traditional system are more in line with your needs.

POS technology has been advancing at an amazing pace in recent years. The remarkable success of Apple Pay has drawn a lot of attention to the subject of mobile payment systems. There’s no doubt that this type of integrated payment system will form the basis of the next wave of POS services.

As mobile payment technology rolls out across the nation and picks up speed, it’s important for businesses to stay on top of the trend. The ability to accept this form of payment and process it is likely to be increasingly important as more consumers accept and put the technology to use.

Meanwhile, credit cards are changing rapidly with the spread of EMV chip card technology, and retailers need to get on board with a deadline for the phase-out of magnetic strips in the near future.

Apple Pay and Google Wallet

While Google Wallet has actually offered mobile payment services since 2011, it has not surprisingly been the launch of Apple Pay in 2014 that brought the technology into the spotlight. Google has been quick to catch up, and much like Apple and Android, the two systems are likely to split the market share more evenly in the future. Meanwhile, more companies are looking to get in on the market; Samsung is reported to have their own competitor to Apple Pay in the near future.

This form of contactless payment via mobile phone, known as near field communication (NFC), is one of the most important pieces of POS technology for retailers to jump on; the number of companies accepting contactless mobile payment is growing quickly.

Cards With Chips and EMV

Already in common use in Europe and Canada, EMV technology (which stands for the three credit card companies, Europay, Mastercard, and Visa, that developed it) is growing quickly in popularity in the US. Gone will be the swipe of the magnetic strip, and instead, all the information is stored in a small chip implanted right into the card.

These chips create a much more secure transaction by generating a new code every time they are used. Credit card companies have given US retailers a deadline of October 1, 2015, to start accepting the new chip cards, which means it’s time to upgrade your POS systems to accept them.

Other Technology of the Future

In addition to these two big innovations in payment technology, there are numerous other technologies in use. Mobile credit card processors are becoming more common, thanks to technology like Square, while classic registers are being replaced by tablets and mobile phones on sales floors.

The 2014 Innovator Expo showcased a number of integrated payment systems that are likely to become a reality in the near future. Apps that assist shoppers in both saving and spending money are also on the rise.

Preparing for the Future

There’s no question that staying on top of the new POS technology is going to become more vital in the next few years. While there is a hard deadline for accepting EMV chips, customers are beginning to expect mobile payment processing, so businesses will need to be equipped for it.

It’s important to upgrade systems with an eye to the future, so that multiple upgrades won’t be required as technology changes. As with all POS systems, the more recent the technology, the more secure it will be – certainly not a small point when it comes to investing in technology.

QuickBooks 2015 offers a variety of new and improved features that make it easier for small business owners to take care of accounting. The updated version includes a number of changes that users have been asking for, including improved efficiency, customer tracking, and insights. Take a look at these quick tips for getting the most out of QuickBooks 2015, but bear in mind that features may vary based on the version of QuickBooks you are using.

Get quick performance updates with the Insights Tab. QuickBooks now makes it easier to access an overview of how your company is performing, directly from the home page. The Insights tab provides real-time information on performance and allows easier sharing of vital information with your accountant. Use the Insights page to get the information you need at a glance without having to run a report, saving time and helping you to keep on top of changes.

Use Enhanced Reports to save time. The enhanced reports for 2015 save you time as well as make reports easier to share, understand, and discuss. Multiple reports can be sent in a single email, and the layout of the reports is easier to read than in previous versions. Use of the new comments feature is one of the best tips for getting more from QuickBooks reports – you can now add additional thoughts, explanations, and insights right along with the reports. In addition, you can save time with the new ability to search report names via filters, which you’ll also find are now in alphabetical order for ease of use.

Track unbilled hours more easily. The Income Tracker has a new feature that will allow you to keep up with unbilled hours – the new Time & Expenses section. Use this feature to see at a glance your unbilled hours and take any necessary action quickly and easily.

Keep customer notes at hand. For 2015, QuickBooks has added a Notes feature that will allow you to add notes and comments regarding customers – or employees – and have them at hand whenever you need them. Notes can be pinned so that any action items are right up front and important details won’t be forgotten.

Use shared folders to keep your accountant in the loop. One of the improvements for 2015 is the option to share your company file with your accountant via a simple portable file system. You can keep everything up to date and allow your accountant to easily access information as needed in one QuickBooks folder, a more streamlined approach than the previous sharing system.

Updated reminders window keeps things from falling through the cracks. The reminders window is more useful than ever in the new version of QuickBooks, thanks to a cleaned-up appearance. Use this window to keep tabs on important reminders as well as notifications, including your to-do list, accountant notes, items that are overdue, and more.

Keep track of billable time and costs more easily. Put this feature to greater use in the new version, thanks to an update that shows all records available as you add billable time and costs to an invoice. Thanks to this feature, you’re less likely to miss something important.

Quickbooks 2015 Enterprise Gold

Quickbooks 2015 Enterprise Gold subscription includes all of the functionality of the Silver Edition + QuickBooks Enhanced Payroll so that you can easily pay employees, pay and file taxes.